Fannie Mae SVC-2013-26 Reverse Mortgage Loans
On December 18, Fannie Mae released Servicing Guide Announcement SVC-2013-26, subtitled Reverse Mortgage Loans.
Servicing Guide Announcement SVC-2013-26
Reverse Mortgage Loans
Reverse Mortgage Loan Servicing Manual, Chapter 2, Section 212.05: Acceptance of Deed-in-Lieu
Servicers are no longer required to refer deed-in-lieu of foreclosure offers for Home Equity Conversion Mortgages (HECMs) to Fannie Mae for approval. This policy change applies only to HUD-insured HECMs, and not to Fannie Mae Home Keeper® mortgages. Servicers should continue to follow the existing process for all deed-in-lieu offers for Home Keeper mortgages, as described in the Reverse Mortgage Loan Servicing Manual.
Servicers are required to implement this policy change immediately.
Servicers should contact their Servicing Consultant, Portfolio Manager, or Fannie Mae’s National Servicing Organization’s Servicer Support Center at 1-888-FANNIE5 (1-888-326-6435) with any questions regarding this Announcement.
Please click here to view the online announcement.
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